GEMONYX
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 7 filings
Turnover
€244.6m▲ 21.2%
2024 · €201.9m
EBIT margin
2.7%▲ 9.5pp
2024 · -6.9%
Net result
€4.0m
2024 · -€11.1m
Working capital
€71.1m▼ 27.1%
2024 · €97.4m
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
€244.6m
▲ 21.2%
2025
20212025
Operating result
€6.6m
2025
20212025
Net result
€4.0m
2025
highest quarter of the sector
20212025
EBIT margin
2.7%
▲ 9.5pp
2025
20212025
Equity
€71.1m
▼ 26.8%
2025
highest quarter of the sector
20212025
Total assets
€81.3m
▼ 30.2%
2025
highest quarter of the sector
20212025
Debt
€10.2m
▼ 47.1%
2025
20212025
Working capital
€71.1m
▼ 27.1%
2025
highest quarter of the sector
20212025
Solvency
87.4%
▲ 4.0pp
2025
highest quarter of the sector
20212025
Current ratio
7.95
▲ 1.82
2025
highest quarter of the sector
20212025
Return on assets (ROA)
4.9%
▲ 14.4pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€499.6m-€1,308.8m▲ 162%€525.5m▼ 59.8%€201.9m▼ 61.6%€244.6m▲ 21.2%
Operating result€9.8m-€38.1m▲ 290%€5.3m▼ 86.0%-€13.8m€6.6m
Net result€6.9mabove the sector's middle half-€23.9mabove the sector's middle half▲ 247%€4.3mabove the sector's middle half▼ 81.9%-€11.1mbelow the sector's middle half€4.0mabove the sector's middle half
EBIT margin2.0%-2.9%▲ 1.0pp1.0%▼ 1.9pp-6.9%▼ 7.9pp2.7%▲ 9.5pp
Equity€80.0mabove the sector's middle half-€103.9mabove the sector's middle half▲ 29.8%€108.2mabove the sector's middle half▲ 4.2%€97.1mabove the sector's middle half▼ 10.3%€71.1mabove the sector's middle half▼ 26.8%
Total assets€292.2mabove the sector's middle half-€602.6mabove the sector's middle half▲ 106%€196.5mabove the sector's middle half▼ 67.4%€116.4mabove the sector's middle half▼ 40.8%€81.3mabove the sector's middle half▼ 30.2%
Debt€212.1m-€498.7m▲ 135%€88.3m▼ 82.3%€19.3m▼ 78.1%€10.2m▼ 47.1%
Working capital€78.8mabove the sector's middle half-€103.0mabove the sector's middle half▲ 30.7%€111.3mabove the sector's middle half▲ 8.0%€97.4mabove the sector's middle half▼ 12.4%€71.1mabove the sector's middle half▼ 27.1%
Solvency27.4%within the sector's middle half-17.2%below the sector's middle half▼ 10.2pp55.1%within the sector's middle half▲ 37.8pp83.4%above the sector's middle half▲ 28.3pp87.4%above the sector's middle half▲ 4.0pp
Current ratio1.37within the sector's middle half-1.21within the sector's middle half▼ 0.162.30within the sector's middle half▲ 1.106.13above the sector's middle half▲ 3.837.95above the sector's middle half▲ 1.82
Return on assets (ROA)2.4%within the sector's middle half-4.0%within the sector's middle half▲ 1.6pp2.2%within the sector's middle half▼ 1.8pp-9.6%below the sector's middle half▼ 11.8pp4.9%within the sector's middle half▲ 14.4pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €6.6m, after a loss of €13.8m in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €81.3m
Equity
€71.1m ▼ 26.8%
Debt
€10.2m ▼ 47.1%
Debt's share of the balance-sheet total falls from 16.6% to 12.6%. Equity and debt are lower.
Key figures and ratios
Quick ratio
4.23▲
2024 · 3.62
Debt to equity
0.14▼
2024 · 0.20
ROE
5.6%▲
2024 · -11.5%
Debt ≤ 1 year
€10.2m▼
2024 · €19.0m
Income taxes
-€9,092▼
2024 · €140,235
Customer credit
11 days▼
2024 · 92 days
Supplier credit
13 days▼
2024 · 31 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on other assets, amount secured | €600,000 | €600,000 | €600,000 | €600,000 | €600,000 |
| Carrying value of the other pledged assets | €600,000 | €600,000 | €600,000 | €600,000 | €600,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €197,032 | €72,248 | - | - | - |
| Depreciation and write-downs of the year | €192,624 | €240,853 | €0 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €37,930 | €46,000 | €46,000 | €53,000 | €48,500 |
| Other work by the auditor | €9,188 | €9,000 | €13,500 | €12,141 | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €499.6m | €1,308.8m | €525.5m | €202.0m | €247.4m | ▲ 22.5% |
| Turnover70 | €499.6m | €1,308.8m | €525.5m | €201.9m | €244.6m | ▲ 21.2% |
| Other operating income74 | €0 | - | - | €0.08m | €1.2m | ▲ 15× |
| Non-recurring operating income76A | - | - | - | - | €1.6m | - |
| Operating charges60/66A | €489.8m | €1,270.7m | €520.2m | €215.8m | €240.9m | ▲ 11.6% |
| Goods for resale, raw materials and consumables60 | €484.1m | €1,263.7m | €504.5m | €205.1m | €231.6m | ▲ 12.9% |
| Purchases600/8 | €522.4m | €1,404.3m | €357.1m | €188.1m | €234.8m | ▲ 24.8% |
| Change in stocks: decrease (increase)609 | -€38.3m | -€140.6m | €147.4m | €17.0m | -€3.2m | - |
| Services and other goods61 | €5.5m | €6.7m | €14.6m | €7.6m | €8.4m | ▲ 9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0 | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.8m | - |
| Other operating charges640/8 | €0.02m | €0.02m | €0.06m | €3.1m | €0.07m | ▼ 97.8% |
| Non-recurring operating charges66A | - | - | €1.0m | €0 | - | - |
| Operating profit (loss)9901 | €9.8m | €38.1m | €5.3m | -€13.8m | €6.6m | - |
| Financial income75/76B | €2 | €0.4m | €7.5m | €2.9m | €0.7m | ▼ 76.2% |
| Recurring financial income75 | €2 | €0.4m | €7.5m | €2.9m | €0.7m | ▼ 76.2% |
| Income from current assets751 | - | €0.004m | €1.1m | €1.6m | €0.7m | ▼ 60.0% |
| Other financial income752/9 | €2 | €0.4m | €6.4m | €1.2m | €0.03m | ▼ 97.7% |
| Financial charges65/66B | €1.6m | €6.1m | €7.1m | €0.02m | €3.3m | ▲ 142× |
| Recurring financial charges65 | €1.6m | €6.1m | €7.1m | €0.02m | €3.3m | ▲ 142× |
| Debt charges650 | €0.009m | €3.5m | €3.0m | €0 | €0.3m | - |
| Other financial charges652/9 | €1.5m | €2.5m | €4.1m | €0.02m | €3.0m | ▲ 131× |
| Profit (loss) for the period before taxes9903 | €8.2m | €32.4m | €5.8m | -€11.0m | €3.9m | - |
| Income taxes67/77 | €1.3m | €8.5m | €1.5m | €0.1m | -€0.009m | - |
| Taxes670/3 | €1.3m | €8.5m | €1.5m | €0.7m | €0 | ▼ 100% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.5m | €0.009m | ▼ 98.3% |
| Profit (loss) for the period9904 | €6.9m | €23.9m | €4.3m | -€11.1m | €4.0m | - |
| Profit (loss) for the period to be appropriated9905 | €6.9m | €23.9m | €4.3m | -€11.1m | €4.0m | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €292.2m | €602.6m | €196.5m | €116.4m | €81.3m | ▼ 30.2% |
| Fixed assets21/28 | €1.3m | €1.1m | €0 | - | - | - |
| Tangible fixed assets22/27 | €1.3m | €1.1m | €0 | - | - | - |
| Plant, machinery and equipment23 | €1.1m | €1.1m | €0 | - | - | - |
| Assets under construction and advance payments27 | €0.2m | €0 | - | - | - | - |
| Current assets29/58 | €290.9m | €601.5m | €196.5m | €116.4m | €81.3m | ▼ 30.2% |
| Stocks and contracts in progress3 | €70.9m | €206.4m | €52.7m | €47.7m | €38.0m | ▼ 20.3% |
| Stocks30/36 | €70.9m | €206.4m | €52.7m | €47.7m | €38.0m | ▼ 20.3% |
| Goods purchased for resale34 | €59.6m | €200.1m | €52.7m | €35.7m | €38.0m | ▲ 6.6% |
| Advance payments36 | €11.3m | €6.2m | €0 | €12.0m | €0.02m | ▼ 99.8% |
| Amounts receivable within one year40/41 | €213.5m | €386.4m | €133.6m | €63.6m | €41.0m | ▼ 35.5% |
| Trade receivables40 | €204.9m | €373.6m | €125.5m | €50.6m | €7.3m | ▼ 85.7% |
| Other amounts receivable41 | €8.7m | €12.8m | €8.1m | €13.0m | €33.8m | ▲ 160% |
| Cash at bank and in hand54/58 | €6.5m | €8.8m | €5.0m | €3.9m | €2.0m | ▼ 47.9% |
| Deferred charges and accrued income490/1 | €0 | - | €5.3m | €1.2m | €0.2m | ▼ 86.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €292.2m | €602.6m | €196.5m | €116.4m | €81.3m | ▼ 30.2% |
| Equity10/15 | €80.0m | €103.9m | €108.2m | €97.1m | €71.1m | ▼ 26.8% |
| Contributions10/11 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Capital10 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Issued capital100 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €11.4m | €11.4m | €107.2m | €96.1m | €70.1m | ▼ 27.1% |
| Non-distributable reserves130/1 | €3.2m | €3.2m | €3.2m | €3.2m | €3.2m | = |
| Legal reserve130 | €3.2m | €3.2m | €3.2m | €3.2m | €3.2m | = |
| Tax-exempt reserves132 | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Distributable reserves133 | €6.2m | €6.2m | €102.1m | €90.9m | €64.9m | ▼ 28.6% |
| Profit (loss) carried forward14 | €67.7m | €91.6m | €0 | - | - | - |
| Amounts payable17/49 | €212.1m | €498.7m | €88.3m | €19.3m | €10.2m | ▼ 47.1% |
| Amounts payable within one year42/48 | €212.1m | €498.6m | €85.3m | €19.0m | €10.2m | ▼ 46.1% |
| Trade debts44 | €24.6m | €301.2m | €27.7m | €17.4m | €8.2m | ▼ 53.2% |
| Suppliers440/4 | €24.6m | €301.2m | €27.7m | €17.4m | €8.2m | ▼ 53.2% |
| Taxes, remuneration and social security45 | €1.3m | €8.0m | €12.5m | €1.5m | €2.1m | ▲ 33.8% |
| Taxes450/3 | €1.3m | €8.0m | €12.5m | €1.5m | €2.1m | ▲ 33.8% |
| Other amounts payable47/48 | €186.2m | €189.3m | €45.0m | €0 | - | - |
| Accrued charges and deferred income492/3 | - | €0.2m | €3.0m | €0.3m | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6.9m | €23.9m | €4.3m | -€11.1m | €4.0m | - |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0 | - | - | - |
| Operating cash flow (approximation) | €7.1m | €24.1m | €4.3m | -€11.1m | €4.0m | - |
| Investment in fixed assets (approximation) | - | -€0.07m | €1.1m | - | - | - |
| Change in cash | - | €2.3m | -€3.8m | -€1.0m | -€1.9m | ▼ 83.2% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 722 companies had the same profile as GEMONYX has now. Two years later, 95.3% were still going and 0.6% had gone bankrupt.
- Large
- solvency 30% or more
- a profit under 5% of the balance sheet
- without age
95.3%
was still going
4.2%
stopped otherwise
0.6%
went bankrupt
The bankruptcy probability of GEMONYX itself is higher: 0.8% within 12 months. It rests on far more data about GEMONYX than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 722 companies, not a prediction for GEMONYX. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 10-07-2026 | 2026-00278524 | |
| 31-12-2024 | full format | 01-12-2025 | 2025-00573665 | |
| 31-12-2023 | full format | 24-01-2025 | 2025-00009575 | |
| 31-12-2022 | full format | 19-12-2023 | 2023-00531985 | |
| 31-12-2021 | full format | 03-10-2022 | 2022-20449482 | |
| 31-12-2020 | full format | 18-06-2021 | 2021-21700180 | |
| 31-12-2019 | full format | 07-07-2020 | 2020-27400141 |